Eco Wave Power inks MoU for 50-MW wave energy development in Vietnam

EWP's medium-scale wave energy system. Source: Eco Wave Power. License: All rights reserved

October 29 (Renewables Now) - Swedish-Israeli marine energy developer EWPG Holding AB has signed a memorandum of understanding (MoU) with Ho Chi Minh City-based Msmart Future Technology Co Ltd, which could lead to the development of a 50-MW wave energy array in Vietnam.

EWPG, better known under its commercial name Eco Wave Power, said that the collaboration would be executed in milestones.

The first phase will see the company’s engineering team carry out a feasibility study at a selected site in Vietnam. If the study proves fruitful, the partners will then work to set up a joint-venture company in the country to develop a 50-MW wave energy array.

Msmart specialises in the import and distribution of exclusive production of smart technology products, according to the release. Among featured products on its website is a portable hydro-power device that uses a micro-turbine to generate electricity, which is then stored in a battery and can be accessed via a USB port.

“The partnership with Eco Wave Power is a compelling fit that accelerates our strategy to expand the MSMART Future Technology’s portfolio towards wave energy. Together with Eco Wave Power we are committed to applying their disruptive technology to bring innovative wave energy into the Vietnamese market,” Msmart CEO Nguyen Quang Vinh said in a statement.

More stories to explore
Share this story
Newsletter
Tags
 
About the author

Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\